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Crypto News

El Salvador ranks third in global Bitcoin ATM installations, data finds

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“El Salvador now hosts the third-largest network of crypto ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America.

According to data from Coin ATM Radar, El Salvador has exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and BTC to U.S. dollar conversions. 

Comparing this to Statista data from August 16, it becomes evident that El Salvador has successfully installed 201 ATMs in just one month. Beforehand, the country ranked 43rd on the list with just four functional crypto ATMs.

President Nayib Bukele had previously stated that Bitcoin’s adoption would be initially supported by  a network of 200 ATMs and 50 branches. The Salvadorean government has partnered with an in-house cryptocurrency wallet provider named Chivo to power the BTC wallets and ATM usage in the country.

Crypto ATM installations are at an all-time high around the world with 27,664 active machines, and 2,790 new machines being added in September. The increase in El Salvador’s ATM installation drive aligns with the recent presidential order that requires all businesses to accept payment in Bitcoin. However, the merchants retain the option to convert Bitcoin payments to USD before withdrawing their earnings.

While other jurisdictions are yet to decide on Bitcoin’s use case as a mainstream asset, an average of 63.7 ATMs continue to get installed globally every day. Genesis coin remains a leading crypto ATM manufacturer with a market share of 40.7%, while General Bytes and BitAccess represent 22.7% and 12.7% of the market, respectively.” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto News

More countries to follow El Salvador’s Bitcoin move, Cardano creator says

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“El Salvador’s Bitcoin acceptance is a major win for the cryptocurrency industry, Cardano founder Charles Hoskinson believes.

Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that a lot more countries will eventually follow in the Latin American country’s footsteps.

El Salvador’s Bitcoin acceptance further legitimizes the belief that people should be in control of their money, Hoskinson said in his “Congratulations Bitcoin” YouTube video on Sept. 7.

The Cardano founder expressed confidence that cryptocurrencies like Bitcoin are the future of money as the younger generation will inevitably trigger mass adoption of crypto. “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money” he said.

Hoskinson further predicted that more countries all over the world will move into the cryptocurrency industry by accepting crypto as part of diverse government structures, stating:”

“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.